Mahindra Electric to invest Rs 1,000 cr on EVs

​Bengaluru: Mahindra Electric Mobility on Thursday said it would invest a total of Rs 1,000 crore by 2020 for electric vehicles including the latest Treo and Treo Yaari vehicles.

"We are investing Rs 1,000 crore by 2020 for electric vehicles including the electric three-wheeler range - Treo and Treo Yaari vehicles," Mahindra and Mahindra Limited Managing Director and Mahindra Electric Chairman Pawan Goenka told reporters here.

Earlier, the MD inaugurated Mahindra Electric's electric technology manufacturing hub in the city. Out of the Rs 1,000 crore, as much as Rs 100 crore has been invested for creating this facility, he noted. Also, Rs 400 crore already have been invested in product technology space, while Rs 500 crore will be invested by March 2020 on research and development purposes, Goenka said.

With the new facility, the company's manufacturing capacity will increase to 25,000 units per annum. Branded under the umbrella of +ME technologies, the facility will manufacture battery packs, power electronics and motor assembly, which are integral part of an electric power train, he added.

Replying to a query, Goenka said the Treo and Treo Yaari versions will be launched across the country in a phased manner, but did not divulge the timeline. To another question, he said the price of the electric vehicles will come down in future but did not elaborate on the reduction of the price.

The firm has also launched its first lithium ion electric three-wheeler range Treo and Treo Yaari with starting price of Rs 1.36 lakh ex-showroom Bengaluru. Goenka claimed that the Treo range is the first Li-ion 3-wheeler auto developed in India.The Treo range uses Mahindra Electric's home grown powertrain and Lithium ion battery. The variants include Treo electric auto and Treo Yaari electric rickshaw, both available in hard top weather proof variants, the company said.

Mahindra Electric CEO Mahesh Babu said the company is aiming to bring about a "monumental change in the way India moves by enabling more EV products on the road through our +ME technology solutions." The company has now invested in technologies that are core to EVs and have set up manufacturing of battery packs, motors, power electronics in the new facility at Bengaluru.